LMI Calculator
Lenders Mortgage Insurance (LMI) applies when your deposit is less than 20% of the property value. Estimate your premium on indicative Helia/QBE rates — or switch to the First Home Buyer tab to see how an eligible first home buyer can buy with just a 5% deposit and pay no LMI under the First Home Guarantee.
A 20% deposit (or more) means no LMI. First home buyers may need as little as 5%.
First Home Guarantee
Under the federal Home Guarantee Scheme, eligible first home buyers can purchase with as little as a 5% deposit and pay no LMI — the government guarantees up to 15% of the property value. Subject to eligibility: Australian citizen/PR, first home, owner-occupier, income caps (~$125k single / $200k couple) and property price caps for your area. Places are limited each year.
LMI estimate
$12,697
total LMI cost (incl. stamp duty on LMI)
You could save ~$0 in LMI
vs. buying with the same deposit without the scheme
These results are estimates only
LMI premiums vary by lender and insurer, and First Home Guarantee eligibility and place availability change. Get a free, accurate assessment from a Capital Legacy broker.